Updates to planning parameters on Lakepoint Condominium collective sale site
Lakepoint Residence has a place area of 562,286 sq ft as well as is zoned for residential use, with a plot ratio of 1.4, under the URA Master Plan 2019. The development consists of 304 home systems as well as 5 store devices. It is located within walking distance of the Shore MRT Terminal. The site is likewise near the Jurong Lake District, which will certainly be the most extensive mixed-use downtown apart from the city centre. There are a total of 2,652 property units within a 500m span, of which 712 units are from the neighbouring Caspian.
PropNex Real estate, the unique advertising agent of the Lakepoint Condo collective sale, has actually revealed updates to the land preparation criteria of the site in an announcement on July 13, complying with URA’s reply.
The present tender is going to close on July 22 at 2pm.
Lakepoint Residence, a 99-year leasehold development situated on Lakepoint Drive in Jurong, was relaunched for collective sale on April 19. The earlier tender shut without bids, and PropNex has actually become part of exclusive treaty talks with interested parties after the tender closed.
“We are heartened that the URA is prepared to relax the differing elevation controls. With several of the blocks going as high as 12 and also 16 storeys, this will certainly record stunning sights of the Jurong Lake Gardens in the brand-new project,” claims Tracy Goh, head of financial investment and cumulative sales at PropNex.
URA has mentioned to the Lakepoint Condo Collective Sale Committee that it is “prepared to loosen up elevation controls for future projects on the location”, subject to problems as well as comprehensive assessment upon formal preparation application, according to PropNex.
JTC has likewise confirmed the development base line, which equates to an estimated land fee of $988 psf per plot ratio, inclusive of the project price and also lease top-up costs.
The reserve rate stays at $640 million.
Along the southerly limit block encountering landed homes, URA is prepared to relax the existing five-storey height control to seven-storey for the blocks. For the north-east boundary, blocks around an elevation of 12 floors could be upheld, provided it does not go beyond the height of the existing 12-storey block as well as a smallest trouble of 10m from the usual limit with Caspian condominium is applied. URA has actually stated it is prepared to consider more relaxation of the structure height of as much as 16 floors for the staying blocks along the north/north-west limit, based on a minimum 30m trouble from the common limit with Lakeholmz residence.